Caesars' 2Q Misses Expectations

LAS VEGAS (Associated Press) — Casino operator Caesars Entertainment Corp. posted a smaller loss for its fiscal first quarter on Monday, but results still missed expectations as slots and tables drew fewer gamblers.

Caesars owns or manages more than 50 casinos, most of them in the U.S. and Britain.

The company saw casino revenues decline by $116.8 million, or 7.5 percent. CEO Gary Loveman said food and beverage sales may ultimately replace those dollars.

Caesars said that its net loss for the three months ended June 30 shrank 12 percent, to $212.2 million, or $1.69 per share, from $241.7 million, or $1.93 a share, last year. Revenue edged down to $2.16 billion.

Analysts had expected a smaller loss of $1.40 per share on higher revenue of $2.18 billion, according to FactSet.